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how wealth management has evolved

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vintage pocket watch lying on hundred dollar billsand how the accounting profession has been right alongside.

by rory henry
the holistic guide to wealth management

the accounting profession is evolving rapidly. new business models are emerging, and firms are uncoupling themselves from the constraints of a partnership structure, from outdated service offerings, and from time-based pricing practices.

more: rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
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you may be asking yourself: “what business am i truly in?” or perhaps, “what business should i be in?” before answering these questions, consider that you may ultimately be in the relationship business more than you’re in the tax, accounting or bookkeeping business. it doesn’t matter which training, certifications or acronyms you have following your name. if you’re moving into financial planning – or thinking about doing so – you might want to ask yourself: “am i really in the human business?”
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ed kless: accounting must innovate beyond technology | accounting influencers

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in an era when traditional models fail, accountants should rethink relevance, client experience, and the power of language.

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accounting influencers
with rob brown

accounting visionary ed kless challenges the profession to move beyond the traditional billable hour and embrace a proactive, subscription-based model. in this episode of accounting influencers, kless, known for his strong stance on abolishing hourly billing, offers actionable insights into how accountants can redefine their services and stay relevant in an evolving landscape.

kless wastes no time challenging one of the industry’s longest-standing practices: billing by the hour. “it’s an absolutely dead model, and it’s a problem not only for accountants but also for their customers,” he argues. by emphasizing efficiency over effectiveness, kless says hourly billing creates a barrier to innovation and true client satisfaction. “think about it—if you had a brain tumor, would you want an efficient surgeon or an effective one?” he asks, underscoring the need for quality service over rigid time-tracking.

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eight strategies for recruiting

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group of four young professionals

plus interview questions, ideas for small firms and more.

by marc rosenberg
cpa firm staff: managing your #1 asset

“in looking for people to hire, you look for three qualities: integrity, intelligence and energy. if they don’t have the first, the other two will kill you.” – warren buffett

“we believe hiring to be the most important first step toward the organization’s success.” – anonymous

more: why developing women partners matters | a better way to provide performance feedback | training? cpe? they’re not the same | six tips for setting compensation | staff crave advancement and challenge | what leadership looks and feels at cpa firms | eleven things that good mentors do | give the recognition your staff needs | the importance of great bosses | how remote work is impacting accounting firms | make work flexibility work for everyone | why staff leave cpa firms … and how to stop them | how to solve the big disconnect in talent management | what relevance means for staffing in accounting | how accounting staffing has changed
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this post offers a plethora of ideas and techniques to recruit staff. all of them can be sorted into eight high-level strategies:

  1. abr: always be recruiting. we all know that staff are very hard to find and retain. it’s been this way for decades and seems to get worse every year. in the past, firms recruited only if they had an opening. progressive firms proactively recruit 24/7. given the 15-20 percent turnover rate at cpa firms, they never know when a staff person will resign or need to be terminated. but one thing is sure – turnover will occur. if your firm website doesn’t have a section on the careers page that encourages applicants to submit their resume even if there are no openings posted, add one immediately.

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eight steps for better client accounting services

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man seated at desk in front of computer, talking on phone

start small.

by hitendra patil
client accounting services: the definitive success guide

whether you are thinking of offering client accounting services, have already started offering it, or you want to grow your cas practice or make it more profitable, some proven steps will make your cas practice shape up in the most optimized way. if you have already started offering cas, these are the steps that you will revisit from time to time.

more hitendra patil
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there are eight steps to get started in cas and make your cas practice better. the following details are just a bird’s-eye view of the important aspects of how to create your cas practice.
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august aquila: when marketing drives profit | gear up for growth

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“every client interaction is a marketing opportunity.”

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gear up for growth
with jean caragher
for 卡塔尔世界杯常规比赛时间

marketing has evolved from a client acquisition tool to a vital part of a firm’s overall strategy. “when we first started marketing firms, it was all about bringing in the client and not worrying about anything else,” says august aquila of aquila global advisors and author of the new 卡塔尔世界杯常规比赛时间 practice manual, “max: maximize productivity, profitability and client retention”

sample aquila’s newly released “max: maximize productivity, profitability and client retention” | buy now | learn more | more august aquila

gear up for growth spotlights the best strategies for smart and efficient growth in today’s competitive landscape. more gear up for growth every friday here | more capstone conversations with jean caragher every monday | more jean caragher here | get her best-selling handbook, the 90-day marketing plan for cpa firms, here | more 卡塔尔世界杯常规比赛时间 videos and podcasts here

“marketing today should be so integrated into a firm that it can help the firm increase its enterprise value by making the firm more valuable if you decide to sell,” he says. marketing activities, such as pricing strategies and enhancing client experiences, are essential for firms to differentiate and stay competitive.

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cfos see ai as top risk and opportunity

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pie chart

are you working on a policy yet? half your peers are.

by 卡塔尔世界杯常规比赛时间 research

if you’re in business – anywhere from accounting to manufacturing to retailing – you’d better buckle up because next year isn’t going to be like this year, let alone the year before.

more: does accounting belong in stem? | accounting arc | artificial intelligence may already be plateauing | regulation, geopolitical instability spark concern | ten ways to manage price increases | survey says 57% of firms are raising prices next year | how will private equity impact accounting careers? | eleven questions about kids, wealth and the family business | twelve years and out: seasoned accountants join the exodus | how accounting firms are handling the staff shortage | gen ai in accounting: epic transformation, or overheated hype? | survey shows big opportunities in small business | salary guides for accountants vary widely: whom do you believe? | are you earning what you deserve?
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the bdo 2024 cfo outlook survey uncovered a startling change that occurred this year. early in 2023, 71 percent of middle-market cfos said supply chain disruption was their primary risk, economic volatility running a close second and geopolitical disruption a close third.

but artificial intelligence never made the top five. in fact, it isn’t even mentioned in that survey. not once.

but 2023 was long, long ago.
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art werner: navigating business structure decisions amid tax law changes | quick tax tip

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upcoming tax law adjustments could significantly impact clients’ business structure decisions.

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quick tax tip
with art werner
cpe today

we are anticipating changes to tax laws that could significantly impact clients, either positively or negatively, depending on the structure of their businesses.

click here for more art werner

one major consideration is the type of business entity the client operates. the options include sole proprietorships, partnerships, and corporations. within corporations, there are further distinctions: c corporations or those that have made an s election.

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seven steps to determining your price

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businesswoman using calculator while reviewing something on laptop screen

plus four things to learn about each prospective client.

by jody padar
radical pricing – by the radical cpa

how much would you pay for a bottle of water in the checkout line of a grocery store? maybe $2 or $3, right? you know it costs more per unit than buying a case of water, but at that moment it’s worth it even though it’s the same bottle of water. now, let’s assume you just made the long trek back to your hotel room in las vegas. they have the same bottle of water sitting there for $10. you’re thirsty and don’t want to walk to find a store, so you pay $10 for that bottle conveniently located in your room. the water isn’t different, but the value at that moment in time is subjective.

more: using change orders with scope | who needs to understand scope? | determining a price … and when to change it | perfecting the client needs assessment | create more meaningful kpis | five reasons to ditch timesheets for good | six steps to creating a standardized practice | value pricing requires defining your clients | stop selling time | three critical factors drive the value pricing trend | stop looking for talent that does not exist
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

when we think about price, we really need to think about worth. what actually are you bringing to the table? lots of training. many years of experience. vision into similar businesses. it took you years to get here; don’t sell an answer to a question the client asks for the three minutes it took to answer.
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does accounting belong in stem? | accounting arc

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accounting experts debate stem designation and its implications for the accounting field. 

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more arc: analysis, reaction, comedy

accounting arc
with liz mason, byron patrick, and donny shimamoto.
center for accounting transformation

as accounting evolves into a technology-driven profession, a question looms: does accounting qualify as a stem (science, technology, engineering, and math) field? on the latest episode of accounting arc, thought leaders hosts liz mason, cpa; byron patrick, cpa.citp, cgma; and donny shimamoto, cpa.citp, cgma, tackle this provocative question. 

more accounting arc: rose wang: where numbers meet strategy and creativity | tiktok fraud exposes gaps in financial literacy | how accounting pros own the stage in public speaking | greg kyte: being a cpa is like being the marie kondo of numbers | rachel bashore: a lawyer’s case for reinventing accounting | beyond the basics in ethics eduction | bailey lenart: from ledger sheets to transformational change | election tax plans: what cpas need to know | leadership for the future: stakeholders, sustainability, and strategic vision |

“stem is about applying rules-based knowledge in real-world scenarios,” explains mason, ceo of high rock accounting. “accounting fits because we apply principles and make ethical decisions just like other stem professions.” 

but not everyone agrees with mason.

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people development still a concern

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five young business people at work in an office setting.

who wants to be partner? anyone? hello?

by kristen rampe
the rosenberg national survey of cpa firm statistics

i anticipate more interest in exploring artificial intelligence and offshoring for small to midsized firms. as new use cases and case studies of success come online, late adopters will start to dabble in these important developments.

editor’s note: every year, the 2024 rosenberg national survey of cpa firm statistics asks the profession’s top consultants two sets of questions:

    • how do you think the next 12 months will unfold? trends? predictions? other thoughts?
    • how would you assess the last 12 months? trends? observations? struggles?

more: focus on intentional growth | accounting firms upshift to corporate model | growth and complacency must concern accounting firms this year | the future of fees | how accounting firms are dealing with retirement
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strong local and regional firms will continue to thrive, though they will face the continued pressure of offers from cpa firm buyers and private equity. many fiercely independent firms will continue on their own path. of those, plenty will remain successful, but not all, and depending on where the hearts, minds and financial goals of the owners are, they might find interest in entertaining these offers.
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introducing you to a fulfilling return on relationships

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henry
 rory henry, a behavioral financial advisor, is the director at arrowroot family office and co-founder of afo wealth management forward. he has created a program to help accounting professionals incorporate holistic wealth management and proactive planning services into their practice.

clients don’t just want answers, they want empathy.

by rory henry
the holistic guide to wealth management

in his iconic work, “meditationes sacrae” (1597), sir francis bacon wrote that “knowledge itself is power.” many scholars believe bacon wanted to further the idea that having and sharing knowledge is the cornerstone of reputation and influence – and therefore power. all achievements emanate from this philosophy.

more: rory henry upends the traditional accounting firm | why now is the time for cpas to embrace wealth management
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

 

but in many areas such as business, finance, sports and the military, knowledge can be a competitive advantage. therefore, many are reluctant to share their knowledge with others.
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opportunity awaits incoming aicpa ceo

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some cpas don’t necessarily support the aicpa or believe it supports them.

by seth fineberg
at large

the accounting profession has long been divided about the usefulness and importance of the aicpa. however, with the first regime change in 30 years, incoming aicpa ceo mark koziel will take the helm and have an opportunity to embrace change and bridge some gaps.

more fineberg: where intuit is at with accountants | history could help accountant-vendor relations | accounting needs a ‘rethink’ not a ‘rebrand’ | big change comes with deep reflection | three ways to raise the bar for your business
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moreover, it concerns the leadership and direction this industry body can potentially bring. the word “potential” is used because there is potential in this profession, both for the aicpa and accounting in general.

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